Joby Aviation (NYSE:JOBY) Trading Up 3.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 3.7% during trading on Monday . The company traded as high as $15.40 and last traded at $14.7530. 18,176,780 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 26,229,598 shares. The stock had previously closed at $14.22.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on JOBY. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday, October 31st. Finally, Morgan Stanley increased their price target on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $13.43.

Joby Aviation Stock Performance

The firm’s 50 day moving average is $14.97 and its 200-day moving average is $14.57. The stock has a market capitalization of $13.02 billion, a price-to-earnings ratio of -10.65 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. The business’s quarterly revenue was up 7962.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.21) earnings per share. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 15,439 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $259,066.42. Following the sale, the insider directly owned 103,206 shares of the company’s stock, valued at approximately $1,731,796.68. This trade represents a 13.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Allison sold 27,537 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares of the company’s stock, valued at $11,660,487.52. This trade represents a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 588,994 shares of company stock worth $9,660,128 over the last quarter. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently added to or reduced their stakes in JOBY. Asset Planning Inc raised its position in Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares during the period. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at about $29,000. Canton Hathaway LLC purchased a new stake in shares of Joby Aviation during the third quarter worth about $29,000. Hilltop National Bank purchased a new stake in shares of Joby Aviation during the third quarter worth about $32,000. Finally, Ancora Advisors LLC acquired a new position in shares of Joby Aviation during the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.